Mortgage Rates Hold Steady

McLEAN, Va. – Long-term mortgage rates held steady this week at their lowest level since mid-December, according to Freddie Mac. The average for the 30-year, fixed-rate loan was 6.14%, unchanged from last week; while the average for the 15-year, fixed-rate mortgage moved slightly higher, to 5.88%, from 5.86% last week. ARM rates were mixed, with the average for the five-year ARM unchanged at 5.90%; and the average for the one-year ARM declining to 5.42%, from 5.47% last week. Mortgage rates moved little in the past week, as the latest economic news gave no reason for change, said Frank Nothaft, chief economist for Freddie Mac. The economy added 97,000 jobs in February, in line with consensus expectations, while the unemployment rate dipped to 4.5%. But the promising employment situation did not materialize at the cash registers, with retail sales only growing by 0.1% in February, falling short of the 0.3% gain that had been predicted.”